Congress Wealth Management LLC DE Has $14.62 Million Stake in ResMed Inc. (NYSE:RMD)

Congress Wealth Management LLC DE trimmed its position in shares of ResMed Inc. (NYSE:RMD - Free Report) by 2.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,905 shares of the medical equipment provider's stock after selling 1,373 shares during the period. Congress Wealth Management LLC DE's holdings in ResMed were worth $14,615,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its stake in ResMed by 12.2% during the 3rd quarter. Thrivent Financial for Lutherans now owns 6,952 shares of the medical equipment provider's stock valued at $1,697,000 after buying an additional 755 shares during the period. Intech Investment Management LLC acquired a new position in shares of ResMed during the third quarter valued at approximately $244,000. Cerity Partners LLC raised its holdings in ResMed by 82.0% during the third quarter. Cerity Partners LLC now owns 13,686 shares of the medical equipment provider's stock worth $3,341,000 after purchasing an additional 6,167 shares in the last quarter. Summit Trail Advisors LLC lifted its position in ResMed by 15.6% in the third quarter. Summit Trail Advisors LLC now owns 1,497 shares of the medical equipment provider's stock worth $365,000 after purchasing an additional 202 shares during the period. Finally, Daiwa Securities Group Inc. boosted its stake in ResMed by 11.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 23,799 shares of the medical equipment provider's stock valued at $5,810,000 after purchasing an additional 2,389 shares in the last quarter. Institutional investors own 54.98% of the company's stock.

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ResMed Stock Down 0.4 %

Shares of RMD traded down $0.89 during midday trading on Friday, reaching $221.73. 51,668 shares of the stock were exchanged, compared to its average volume of 949,051. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 26.13, a P/E/G ratio of 1.53 and a beta of 0.74. The firm has a 50 day simple moving average of $234.10 and a 200-day simple moving average of $238.43. ResMed Inc. has a 12-month low of $172.19 and a 12-month high of $263.05. The company has a quick ratio of 2.29, a current ratio of 3.33 and a debt-to-equity ratio of 0.13.

ResMed (NYSE:RMD - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.14. ResMed had a net margin of 25.34% and a return on equity of 26.17%. Research analysts forecast that ResMed Inc. will post 9.47 EPS for the current year.

ResMed Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 13th were given a $0.53 dividend. The ex-dividend date was Thursday, February 13th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.96%. ResMed's dividend payout ratio is currently 25.03%.

Insider Buying and Selling

In related news, CEO Michael J. Farrell sold 8,009 shares of the stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $236.77, for a total value of $1,896,290.93. Following the completion of the transaction, the chief executive officer now owns 455,472 shares of the company's stock, valued at $107,842,105.44. This represents a 1.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kaushik Ghoshal sold 9,745 shares of ResMed stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $239.31, for a total value of $2,332,075.95. Following the sale, the insider now directly owns 9,725 shares in the company, valued at $2,327,289.75. The trade was a 50.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,940 shares of company stock worth $9,164,385. 0.71% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. KeyCorp upped their price objective on ResMed from $266.00 to $280.00 and gave the company an "overweight" rating in a report on Friday, January 31st. StockNews.com raised shares of ResMed from a "hold" rating to a "buy" rating in a research report on Tuesday. Piper Sandler upped their price target on shares of ResMed from $252.00 to $260.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. UBS Group upgraded shares of ResMed from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their target price on shares of ResMed from $270.00 to $286.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, ResMed presently has an average rating of "Moderate Buy" and an average target price of $249.73.

ResMed Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.